Good News! This government bank is Offering Premium Savings Account With Zero Minimum Balance, unlimited cash deposits and withdrawals at any branch, know details
India Post Payments Bank, also known as IPPB, is a division of India Post under the ownership of the Department of Posts, a department under the Ministry of Communications of the Government of India. IPPB is now offering premium savings account with zero minimum balance and unlimited cash deposits and withdrawals for free at any branch.
Premium Khata is a variant of the IPPB Savings Bank Account. Customers can subscribe to the Premium account services and avail premium savings account features with unlimited cash deposits and withdrawals.
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IPPB Premium Savings Account (SBPRM) Eligibility
To open a digital IPPB Premium Savings Account, you need to be an Indian citizen above 10 years of age with a valid Aadhaar Card and PAN card. The complete account opening process is paperless which is aimed to promote PM Modi’s Digital India initiative.
To open IPPB SBPRM account, account opening charges of Rs. 149 + GST will be applicable. However, customers can have zero balance and enjoy the facilities of premium savings account.
Facilities of IPPB Premium Savings Account (SBPRM)
Government has taken this initiative to provide premium banking services to customers without the burden of maintaining a monthly average balance.
IPPB Premium Savings Account (SBPRM) comes with multiple benefits like higher cash deposit limits, doorstep banking services, and faster digital banking solutions via the IPPB mobile app. Customers can also access to Virtual Rupay Debit card inside the IPPB Mobile banking app.
Customers can link their accounts with their POSB account with IPPB to manage the transactions for Post Office Savings scheme accounts.
IPPB services are available at every Head Post Office, Sub Post Office, and Branch Post Offices in India. There are also multiple IPPB BC (Business Correspondent) points in rural and urban areas of India to provide banking services to customers.
How to Open IPPB Premium Savings Account (SBPRM)?
To open a IPPB Premium Khata or Premium Savings account, you need to visit your nearby post office. The account opening process is completely paperless, but you need to carry your original Aadhaar Card, PAN card and primary account holder mobile number.
Account opening process is fully digital based on Aadhaar eKYC process. Within a few minutes, your new IPPB Premium Khata (Savings Account) account will be opened and ready to use.
IPPB has started offering merchant QR service for free. Ask the postmaster of the post office to issue a Merchant QR for your account. After getting your merchant account ready, you will get a merchant QR with stand from your post office.
Annual Subscription Fee
To keep the premium account status active, customers need to pay Annual Renewal Subscription fees for SBPRM, which is 99/- + GST. The fees will be auto deducted from customer’s account.
If your account hasn’t had a sufficient balance, then your account status will be downgraded to IPPB regular savings account. You may visit your post office again to upgrade your account to a Premium savings account anytime.
